Builder Construction Loans

Interest on amount actually drawn billed monthly; closing fees can usually be taken out of first draw.

Points:

1.00%

Terms:

9 months with possibility of 30 to 90 day extension upon bank approval.

No new points on original loan amount for extensions; however there will be a new Document Preparation fee of $200.00, and the interest rate will increase to the then current real estate investment property rate.

Maximum Loan to Value Ratio (LTV) 70%.

Lender Document Preparation fee:

$400.00

Appraisal fee estimate:

$375.00

Flood Certification fee:

$ 16.00

Inspection fees:

$505.00

Title company construction escrow fee estimate: $500.00

We typically use Chicago Title (Security Title Branch) or Fidelity National in Illinois.

*The Federal Reserve Board's Regulation Z (12 CFR Part 226) has been republished effective December 30, 2011, at 12 CFR Part 1026 as one of the regulations transferred to the Consumer Financial Protection Bureau under the Dodd-Frank Act. This section of the FRB regulation was republished as §1026.2 of the Bureau's regulation.